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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32426
Experience:  Over 5 years in practice
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I transferred my Pension from Aegon to Standard life 12

Customer Question

Hi, I transferred my Pension from Aegon to Standard life 12 months ago. Over at least the last 2 years I have received statements from Aegon informing me that I still held units worth
£ 65,000 and giving me the chance to transfer this to another provider . I took up this option and last July this sum was moved over to S/ Life. At that time I took a tax free payment of £ 17,000 and the rest is now in my main pension. Having gone through any number of annual audits and no doubt a final one before the transfer, Aegon are now saying it was an error and they want the funds returned. This was all carried out by my financial adviser who asked and checked the validity on a number of occasions. Can they do this as this would now cause hardship for future financial planning. Thank you in advance.
Submitted: 10 months ago.
Category: Law
Expert:  Jenny replied 10 months ago.

Hello my name is ***** ***** I am happy to help you today.

What funds are they asking you to return ? Are they saying that it is, in effect, an overpayment?

Customer: replied 10 months ago.
When the different policies were transferred over the question was have all the funds now gone to S/ Life. F/ Adviser told yes. Subsequent annual statements from Aegon after the transfer £ 65,000 was still held under a policy and indicated the number of units held. Aegon indicated that I could transfer this to S/L which I did. One assumes that the units were held and that a final audit was carried out before the transfer was made. As I said I took £ 17,000 as a tax free sum and the rest remains in my pension. Are they entitled to ask for this back. After talking to my F/ A Aegon are considering the position. I am awaiting the outcome. I want to be prepared with any questions I may need to ask based on any previous legal situations that must have come up in the past.